Health systems are facing a challenging uphill battle. In the last year alone, hospital losses amounted to billions while facing a healthcare labor shortage that presents its own set of challenges to bottom lines.
Given the unprecedented scale of such obstacles, healthcare providers are scrambling to find ways to curtail their losses. And the pressure is on. While there’s no one-size-fits-all solution, the last decade has shown a rapid acceleration of technological development, which is now offering hope for a financial recovery in healthcare from an exhaustive pandemic—of which its utterance invokes immediate exhaustion and an eye roll. But yes, the pandemic did take health systems backwards after years of revenue success.
Amongst the immense fiscal challenges facing providers today, hospital leaders are confronted by truly daunting financial realities:
An aging population on Medicare or Medicaid means lower reimbursement. Inflation combined with increased interest rates makes it more difficult not only to grow, but to sustain. Decreased patient volumes means less revenue opportunities. These problems coalesce to create a seemingly unbeatable challenge for hospital leaders and administrators.
Healthcare AI has clinically proven its ability to help alleviate cost burdens on hospitals and provide an ROI, including:
The aforementioned financial difficulties have a trickling effect in the labor market, and hospitals are far from immune. With inflation comes an increase in cost of labor. Add the fact that 61% of physicians said administrative and bureaucratic tasks are the leading cause of burnout and you can see how quality of care (and reimbursements) can be jeopardized.
Care coordination for acute cases can delay patient care by tens of minutes or even hours, and it goes double for burnt out workers. With a tool like AI, the limitations of inefficient manual processes can be overcome, saving precious hospital resources and improving patient experiences.
There are several reasons we remain optimistic for the future of AI as a tool for augmenting physicians and thus, mak:
*For safety information on Aidoc’s products, please visit our safety and compliance page at www.aidoc.com